ICICI Bank profit rises 12.5 percent

The country's largest private lender ICICI Bank Wednesday said its net profit increased by 12.53 percent to Rs.2,532.21 crore in the third quarter of the current financial year.

The bank posted a net profit of Rs.2,532.21 crore for the quarter ended Dec 31, 2013, as compared to Rs.2,250.24 crore recorded in the same quarter of previous year, registering an year-on-year increase of 12.53 percent.

The company's total income increased to Rs.14,255.96 crore in the quarter under review as compared to Rs.12,352.91 crore posted in the corresponding quarter of previous year.

"ICICI Bank reported healthy operating performance during the quarter, while asset quality performance was in-line with expectations," said Vaibhav Agrawal, vice president of research for banking at Angel Broking.

The bank's non-performing assets (NPAs) rose to 0.94 percent in October-December quarter of the current fiscal from 0.76 percent in the same period of last year.

The bank's net non-interest income grew by 27 percent year-on-year to Rs.2,801 crore.